{"id":46756,"date":"2024-05-13T13:03:04","date_gmt":"2024-05-13T11:03:04","guid":{"rendered":"https:\/\/bpcc.org.pl\/?p=46756"},"modified":"2024-05-13T13:11:16","modified_gmt":"2024-05-13T11:11:16","slug":"editorial-note-05-24","status":"publish","type":"post","link":"https:\/\/dev2.bpcc.org.pl\/pl\/editorial-note-05-24\/","title":{"rendered":"Editorial Note"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"46756\" class=\"elementor elementor-46756\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7b88e8e2 elementor-section-content-middle elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7b88e8e2\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-18ac29df\" data-id=\"18ac29df\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2d16b2df elementor-widget elementor-widget-image\" data-id=\"2d16b2df\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.14.0 - 26-06-2023 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/dev2.bpcc.org.pl\/wp-content\/uploads\/elementor\/thumbs\/DK-i-MD-Contact-rqcxj8pv6zs92b84mk4e9upu2s2h312ztgthiobbpc.png\" title=\"DK i MD Contact\" alt=\"DK i MD Contact\" loading=\"lazy\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-5f1d01b5\" data-id=\"5f1d01b5\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1337b5ec elementor-widget elementor-widget-text-editor\" data-id=\"1337b5ec\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.14.0 - 26-06-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p><strong>By Michael Dembinski, chief advisor, and Dorota Kierbied\u017a, membership director, BPCC<\/strong><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-30f2b3c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"30f2b3c\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-ba13f6a\" data-id=\"ba13f6a\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-89c4a71 elementor-widget elementor-widget-text-editor\" data-id=\"89c4a71\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>\u00a0<\/p><p>This issue of <em>Contact Magazine Online<\/em> aims to provide a comprehensive overview of the state of the Polish real-estate and construction market.<\/p><p>Last year was not a good one, with low levels of real-estate transactions and construction activity in Poland. BPCC members are reporting a pick-up in market conditions which seems to be accelerating from month to month, yet the uncertainties that held back growth last year remain. A crucial question yet to be answered is the end-state of the post-pandemic return to the office; whether we end up working three days from the office and two from home or two days in the office and three from home will have a massive impact on the supply and demand of office space.<\/p><p>Issues surrounding ESG, in particular the environmental impact of buildings, have become more prominent with the coming into force of the Corporate Sustainability Reporting Directive (CSRD) and the need to gather environmental performance data. Energy usage is a significant part of this, and as a result, older, less energy-efficient buildings are in danger of becoming stranded assets. Corporate tenants are unwilling to lease them, banks are unwilling to finance them.<\/p><p>In this issue of <em>Contact Magazine Online<\/em>, we offer you plentiful insights into the sector, with three interviews and 16 articles giving a comprehensive market overview from multiple angles.<\/p><p><strong>The interviews\u2026<\/strong><\/p><p><a href=\"https:\/\/bpcc.org.pl\/?p=45791&amp;preview=1&amp;_ppp=e88cd9d82a\" target=\"_blank\" rel=\"noopener\">Wojciech Stec, sustainability director at Cundall Warsaw<\/a>, talks about the role that technology is playing in decarbonising the construction sector. <a href=\"https:\/\/bpcc.org.pl\/?p=46175&amp;preview=1&amp;_ppp=3fa92afbe1\" target=\"_blank\" rel=\"noopener\">Lisa Zettlin, general director at CitySpace<\/a>, says that greater flexibility in office space is a response to the uncertainties surrounding the sharp rise in hybrid work. And <a href=\"https:\/\/bpcc.org.pl\/?p=46108&amp;preview=1&amp;_ppp=b73a260a53\" target=\"_blank\" rel=\"noopener\">Hubert S\u00f3jka, executive vice president, Skanska Central Europe<\/a>, considers the prospects for Poland\u2019s construction market in 2024 and beyond.<\/p><p><strong>Market overview<\/strong><\/p><p>Investments in commercial real estate in Poland slowed considerably in 2023. How bad was it? <a href=\"https:\/\/bpcc.org.pl\/?p=46140&amp;preview=1&amp;_ppp=d23b29555a\" target=\"_blank\" rel=\"noopener\">Knight Frank\u2019s Dorota Lachowska<\/a> looks at the numbers. A question on everyone\u2019s lips: How many days of the week does the average Polish office worker work from home? <a href=\"https:\/\/bpcc.org.pl\/?p=46362&amp;preview=1&amp;_ppp=9cf1b74bb2\" target=\"_blank\" rel=\"noopener\">Jakub Zielinski and Mateusz Polkowski<\/a> at JLL have the answer. It\u2019s probably more than you think \u2013 and this will have implications for the pipeline of new builds. Data centres are hot property \u2013 but where they will be built depends on factors such as access to green energy. <a href=\"https:\/\/bpcc.org.pl\/?p=46122&amp;preview=1&amp;_ppp=fb3a959e2b\" target=\"_blank\" rel=\"noopener\">Bartosz Michalski from SEGRO<\/a> looks at supply and demand in the data-centre market. And <a href=\"https:\/\/bpcc.org.pl\/?p=46466&amp;preview=1&amp;_ppp=8a5c821f2c\" target=\"_blank\" rel=\"noopener\">Micha\u0142 Muc and Wojciech Zawierucha from Ceres Management Services<\/a> in Central and Eastern Europe consider the real-estate markets of the CEE and SEE regions at a time of turbulence and how these can offer a major opportunity for investors.<\/p><p><strong>The \u2018E\u2019 from ESG is critical to real estate and construction.<\/strong><\/p><p><a href=\"https:\/\/bpcc.org.pl\/?p=45946&amp;preview=1&amp;_ppp=4714a956a5\" target=\"_blank\" rel=\"noopener\">Agnieszka G\u0142uchowska and Ewelina Op\u0142ocka at Globalworth Poland<\/a> argue that renovating existing office buildings makes far more sense environmentally than demolishing old ones to build anew. The threat of asset stranding and lack of sites in prime locations means more and more developers are indeed looking to redevelop existing buildings; <a href=\"https:\/\/bpcc.org.pl\/?p=45931&amp;preview=1&amp;_ppp=16d41aba39\" target=\"_blank\" rel=\"noopener\">Piotr Pa\u015bko and Rafa\u0142 Kran from MDDP<\/a> discuss the tax implications of doing so. And <a href=\"https:\/\/bpcc.org.pl\/?p=45982&amp;preview=1&amp;_ppp=0fcf9df543\" target=\"_blank\" rel=\"noopener\">Piotr Brz\u00f3zka and Katarzyna Chru\u015bli\u0144ska from Osborne Clarke<\/a> consider the importance of green leases from the points of view of landlord and tenant. Green leases are becoming a strategic tool for investors, responding to the EU\u2019s growing ESG expectations and securing the value of real estate as an investment asset, says <a href=\"https:\/\/bpcc.org.pl\/?p=45853&amp;preview=1&amp;_ppp=31ca7f65e7\" target=\"_blank\" rel=\"noopener\">Aleksander Grabecki at CMS<\/a>. What does all this mean for the financing of real-estate development? <a href=\"https:\/\/bpcc.org.pl\/?p=46477&amp;preview=1&amp;_ppp=ca7d3b7f9b\" target=\"_blank\" rel=\"noopener\">Wioletta Bratoszewska from HSBC<\/a> suggests that green development may well become the only kind able to attract financing, and discusses the financial instruments aimed at helping firms reduce their carbon footprint. ESG will attract investors say <a href=\"https:\/\/bpcc.org.pl\/?p=46680&amp;preview=1&amp;_ppp=81efa156e4\" target=\"_blank\" rel=\"noopener\">Anna Jarz\u0119bowska and Ma\u0142gorzata Niewi\u0144ska from CBRE<\/a>, whose surveys show that sustainability is becoming increasingly important for real estate companies. <a href=\"https:\/\/bpcc.org.pl\/?p=46692&amp;preview=1&amp;_ppp=b5e712895e\" target=\"_blank\" rel=\"noopener\">Ilona Otoka from Cushman &amp; Wakefield<\/a> says that a lack of market standards, benchmarks and a system of data collection is holding valuers back from factoring ESG risks in property valuations. How all this green building will look in the future is described by <a href=\"https:\/\/bpcc.org.pl\/?p=46056&amp;preview=1&amp;_ppp=e020c922db\" target=\"_blank\" rel=\"noopener\">Vastint<\/a>, with a case study focused on its latest development in Gdynia.<\/p><p><strong>Don\u2019t forget the \u2018S\u2019 from ESG either!<\/strong><\/p><p><a href=\"https:\/\/bpcc.org.pl\/?p=45994&amp;preview=1&amp;_ppp=53867f1cdc\" target=\"_blank\" rel=\"noopener\">Daria Glawenda from Turner &amp; Townsend<\/a> focuses on the office and explains how new ways of working mean that our offices need to be completely redesigned for today\u2019s reality. And <a href=\"https:\/\/bpcc.org.pl\/?p=45816&amp;preview=1&amp;_ppp=07a851a863\" target=\"_blank\" rel=\"noopener\">engineering firm Arup<\/a> makes the point that the design, construction and operation of built and natural environment projects shape the way people live their lives.<\/p><p><strong>Regulatory issues that will have a major market impact<\/strong><\/p><p>Poland does not have Real Estate Investment Trusts; as a result, the vast majority of large commercial real-estate transactions involve foreign investors. However, this may change as the new Polish government is now drafting a bill on REITs, reports <a href=\"https:\/\/bpcc.org.pl\/?p=45823&amp;preview=1&amp;_ppp=71337b7c3e\" target=\"_blank\" rel=\"noopener\">Bartosz Boenigk from Linklaters Warsaw<\/a>. Finaly, <a href=\"https:\/\/bpcc.org.pl\/?p=46160&amp;preview=1&amp;_ppp=8a0a56858a\" target=\"_blank\" rel=\"noopener\">Piotr Staniszewski from Dentons<\/a> analyses the major overhaul of the Polish land-use system, and what it means for developers, landowners and other stakeholders.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>By Michael Dembinski, chief advisor, and Dorota Kierbied\u017a, membership director, BPCC \u00a0 This issue of Contact Magazine Online aims to provide a comprehensive overview of the state of the Polish real-estate and construction market. Last year was not a good one, with low levels of real-estate transactions and construction activity in Poland. BPCC members are [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":36773,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[76],"tags":[],"ppma_author":[308],"class_list":["post-46756","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-contact-magazine","author-bpcc_en","et-has-post-format-content","et_post_format-et-post-format-standard"],"acf":[],"authors":[{"term_id":308,"user_id":0,"is_guest":1,"slug":"bpcc_en","display_name":"British Polish Chamber of Commerce","avatar_url":{"url":"https:\/\/dev2.bpcc.org.pl\/wp-content\/uploads\/2023\/01\/Vertical_logotype_red_crown_transparent.png","url2x":"https:\/\/dev2.bpcc.org.pl\/wp-content\/uploads\/2023\/01\/Vertical_logotype_red_crown_transparent.png"},"first_name":"","last_name":"","user_url":"","description":"Since 1992, the British-Polish Chamber of Commerce has been working on behalf of its member companies in two areas - business development and the business environment. By offering extensive networking opportunities - at events and through its digital media - the BPCC helps to connect companies for mutual tangible benefits. \r\n\r\nThe BPCC is the first point of contact for all investors who see Poland as a convenient location to start an investment. 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